Mastercard Develops Venmo-Like Platform for Crypto

Mastercard is building a new payment infrastructure for digital assets designed to simplify interactions between consumers, businesses, and financial institutions.

Payment giant Mastercard announced the launch of an initiative aimed at making cryptocurrency payments more accessible. The company is focusing on creating a service that mirrors the ease of use of popular traditional payment systems like Venmo or Zelle.

The platform will ensure secure and convenient crypto transactions while complying with regulatory standards. According to Raj Dhamodharan, Mastercard’s VP for Blockchain and Digital Assets, the new service will bridge traditional and digital finance, offering users seamless payment solutions based on blockchain.

The initiative will be built on the Multi-Token Network (MTN), a platform launched in 2023 that helps banks and other financial organizations integrate blockchain technologies into their products.

Mastercard was expanding its cryptocurrency offerings in recent years. The company launched over 100 Web3 products, including crypto credit cards , loyalty programs , and cashback in digital assets. In collaboration with JPMorgan and Standard Chartered , Mastercard is developing solutions for cross-border payments and asset tokenization.